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Dropped almost 40 points

Member

Dropped almost 40 points

I think I got a little crazy with card apps and My score dropped 40 points.  Would 6 Inquirys on top of 12 that were already there really drop it that much ?   Im a member PSECU and my FICO was 644 .

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Moderator Emeritus

Re: Dropped almost 40 points


Jp2slow wrote:

I think I got a little crazy with card apps and My score dropped 40 points.  Would 6 Inquirys on top of 12 that were already there really drop it that much ?   Im a member PSECU and my FICO was 644 .


Questions: are you comparing FICO scores? If so, did they come from the exact same source (e.g. PSECU's free EX FICO)?

Did the score drop reflect the inquiries AND new accounts? If so, was there a change in util that could have hurt too?

 

IMO, the inquiries didn't hurt your FICO. You might see a ding after the first one or two, but speaking from experience with 30 on EX at one point, they don't hurt. However, the new accounts can drop you quite a bit. On average I lost 20-25 per new TL reporting. I often lost more if the new CC reported a balance and that balance had a negative impact on util. YMMV on your credit of course.

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Moderator Emeritus

Re: Dropped almost 40 points

+1  Did you have any new accounts pop on there that lowered your AAoA?  That seems a likely culprit.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
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